LONDON--(BUSINESS WIRE)--The global craft spirits market size is expected to grow by USD 25.34 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 19%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on "Craft Spirits Market Analysis Report by Product (Craft gin, Craft whiskey, and Other craft spirits) and Geography (North America, Europe, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/craft-spirits-market-industry-analysis
The market is driven by the increasing number of craft distilleries. In addition, the growing demand for craft spirits is anticipated to boost the growth of the Craft Spirits Market.
The increase in the number of craft distilleries that produce craft spirits in various countries such as the US and the UK will drive the growth of the market. With the increase in demand for craft spirits, the number of new players entering the market is also rising. The number of craft gin distilleries in the UK increased by about 100% between 2010 and 2015. The number of active craft distilleries in the US grew by around 15% in 2019 compared with 2018 to 1,835 distilleries. Washington had the highest number of craft distilleries in the country, followed by California and New York. The number of craft distilleries is also rising in countries such as Germany, Belgium, and Switzerland.
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Major Five Craft Spirits Companies:
Bacardi Ltd.
Bacardi Ltd. has business operations under segments such as BACARDI Rum, and DEWAR'S Blended Scotch Whisky. The company offers craft spirits such as Rum, Vodka, Gin, Whisky, Wine and Tequila.
Beam Suntory Inc.
Beam Suntory Inc. operates its business through segments such as whiskey, tequila, and others segment, which include rum, vodka, gin, cognac, and others liquor products. The company offers Roku Japanese Craft Gin, Oaksmith Whisky, and others in Craft Spirits.
Constellation Brands Inc.
Constellation Brands Inc. has business operations under two segments: beer, and wine and spirits. The company offers craft spirits under the brand Crafters Union.
Diageo Plc
Diageo Plc operates its business through various geographic segments such as North America, Europe and Turkey, Africa, Latin America and Caribbean, and Asia Pacific. The company offers craft whisky, Vodka and Rum.
Distell Group Ltd.
Distell Group Ltd. has business operations under three segments: wines, spirits, and cider and RTD. The company offers Wine and Beer under craft spirit.
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Craft Spirits Market Product Outlook (Revenue, USD bn, 2020-2024)
- Craft gin - size and forecast 2019-2024
- Craft whiskey - size and forecast 2019-2024
- Other craft spirits - size and forecast 2019-2024
Craft Spirits Market Regional Outlook (Revenue, USD bn, 2020-2024)
- North America - size and forecast 2019-2024
- Europe - size and forecast 2019-2024
- APAC - size and forecast 2019-2024
- South America - size and forecast 2019-2024
- MEA - size and forecast 2019-2024
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Analysis on Impact of COVID-19- Global Craft Spirits Market 2020-2024 | Evolving Opportunities with Bacardi Ltd. and Beam Suntory Inc. | Technavio - Business Wire
"craft" - Google News
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